Surveys of sales through carrier stores suggest that last year’s iPhone 7/Plus is outselling the new iPhone 8/Plus in the U.S. and UK. The claim is made by KeyBanc Capital Markets analyst John Vinh in a client note.

iPhone 8 sales will be limited by those waiting instead for the iPhone X, but KeyBanc says that two other factors are at play …

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First, the price-cut on the iPhone 7, reports Reuters. Those who wanted a new iPhone this year but didn’t want to pay $999+ for the flagship model, are seeing a big price difference between what they see as two similar models.

“Many respondents indicated that a meaningful portion of customers are buying iPhone 7 in lieu of the new iPhone 8, given the lack of significant enhancements in the new phone,” Vinh wrote.

While iPhone 8 starts from $699 in the United States, iPhone 7 is retailing from $549 after a price cut.

The iPhone 7 is being discounted close to $500 by some retailers.

An additional factor is the lack of promotion for iPhone 8.

While carriers continue to offer promotions for the new iPhone 8, they have been much more modest compared to the iPhone 7 launch last year.

It should be noted that the survey is limited to sales through carrier stores, which may attract more price-focused customers than Apple stores.

KGI recently claimed that iPhone 8 sales were ‘better than expected,’ Foxconn revenues seemingly backing this claim, while AT&T said it saw almost a million fewer upgrades than last year during the iPhone 8 quarter.